As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market ups and downs, including the volatile swings of XRP. The recent recovery wave in XRP price has been a welcome sight after the sharp decline below $0.4650.
XRP’s price has begun to bounce back, climbing above the $0.4850 mark. It has regained the 100-hour moving average and could potentially rise further.
- XRP price found support at $0.4600 and started a recovery wave.
The price is now trading above $0.4850 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.4860 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise unless it fails to stay above the $0.4820 support zone.
XRP Price Signals Recovery
The price of XRP slipped beneath the $0.4650 threshold, similar to Bitcoin. Yet, bulls showed resilience close to $0.4600, and more recently, XRP has begun to rebound somewhat, mirroring Ethereum‘s recovery trend.
Above the resistance levels of $0.4680 and $0.4720, there was a significant price movement upwards. Additionally, the bearish trend line with a resistance level at $0.4860 on the hourly XRP/USD chart was broken. The pair reached beyond the $0.5000 mark as well.
As a researcher studying market trends, I’ve identified that the price reached a peak at $0.5049 and is currently correcting its gains. The support zone at $0.4950 was breached during this correction. Furthermore, the downward trend pushed the price below the 23.6% Fibonacci retracement level of the upward movement from the $0.4600 swing low to the $0.5049 high.
Currently, the price is hovering above both $0.4850 and its 100-hour moving average. On the upward trajectory, there are obstacles for the price at around $0.4950. The initial significant resistance lies at approximately $0.4980.
The price may encounter significant resistance around the $0.5050 mark in its next upward movement. A break above this resistance could lead to further growth, with potential targets at $0.5250 and beyond. If we see a successful closure above the $0.5250 level, there’s a good chance of continued advancement towards the $0.5320 resistance. Any additional gains might push the price closer to the $0.5500 resistance.
Another Decline?
Should XRP fall short of surmounting the $0.4980 resistance barrier, there’s a chance it may descend further. The initial floor lies around $0.4850 and is also in proximity to the 100-hour Simple Moving Average.
As a researcher, I would express it this way: If the price fails to hold above $0.4720 and we see a closing below this level, the bearish sentiment is likely to intensify. In such a scenario, the price may fall further towards the next support at $0.460.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4850 and $0.4720.
Major Resistance Levels – $0.4980 and $0.5050.
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2024-06-17 09:23